Key Points of the Full Text: Today, the A-shares showed a differentiated rise, with the STAR 50 up 2.46%, the ChiNext up 2.13%, and the trading volume reaching 1,507.9 billion yuan. Electronics and communications led the gains, while coal and oil retreated. The ongoing contact between the U.S. and Iran is a short-term catalyst, but the core logic is the &#34;simultaneous rise in quantity and price&#34; of AI commercialization. In the short term, we look at the verification of the quarterly reports, while in the medium to long term, we focus on computing power and storage.
At the close of the midday session today, the market delivered a distinctly differentiated performance. The Shanghai Composite Index rose 0.55% to surpass 4,010 points, the Shenzhen Component Index rose 1.36%, the ChiNext Index surged 2.13%, and the STAR 50 soared 2.46%. The total market turnover was 1,507.9 billion yuan, an increase of 94.7 billion yuan from the previous day, with over 2,600 stocks rising. The trading volume expanded moderately, but the structural pattern of &#34;strong in technology innovation, weak in the main board&#34; was very clear—ChiNext turnover was 409.3 billion yuan, STAR 50 turnover was 58.2 billion yuan, while the main board only reached 627.9 billion yuan, indicating that funds are accelerating towards high-elasticity technology growth sectors.
The differentiation in the sector performance was even more pronounced. Among the first-level industries of Shenwan, comprehensive, electronics, and communications led the gains, rising 3.31%, 2.99%, and 2.38% respectively, while non-ferrous metals and defense industry also rose 1.82% and 1.59%. In contrast, traditional cyclical sectors saw declines, with coal down 1.15%, oil and petrochemicals down 1.10%, steel down 0.96%, and beauty care and pharmaceuticals also slightly down. In the Hong Kong stock market, the materials sector led with a rise of 1.86%, but energy and industrial sectors fell, showing a structure highly consistent with A-shares.
The strength of technology stocks today was directly triggered by signals of easing tensions in the Middle East. Although the negotiations between the U.S. and Iran in Islamabad on April 12 did not reach an agreement, U.S. officials revealed that contacts between the two sides are ongoing; Trump also stated that Iranian representatives have proactively contacted the U.S. side seeking an agreement. Despite the Israeli Prime Minister warning that the ceasefire may soon end and ground conflicts between Israel and Lebanon continuing, the fact that negotiations are still ongoing has significantly corrected the market's pricing of extreme war scenarios, opening a window for a phased recovery in risk appetite.
First, there is continuous support from policy and institutional reforms. The ChiNext has recently launched a series of reforms including refinancing shelf issuance, optimizing merger and acquisition rules, and flexible equity incentive assessments, with the core goal of promoting the aggregation of resource elements towards the field of technological innovation. This is not just a short-term emotional boost, but a systematic revaluation of valuations, directly enhancing the market's long-term risk appetite for technology innovation and ChiNext companies.
Second, the catalysts from the industry fundamentals are accelerating their realization. The commercialization progress of the AI industry chain both domestically and internationally continues to validate the growth logic. Anthropic's annual revenue has surpassed 30 billion dollars, validating the feasibility of AI commercialization; domestic cloud vendors are successively raising prices for AI computing power-related products, coupled with the continuous rise in storage chip prices, the entire electronics and communications industry chain has shown clear signals of &#34;simultaneous rise in quantity and price,&#34; with profit expectations continuously being revised upward.
The third point is that the macro liquidity environment provides strong support for the growth sector. The latest data from the central bank shows that net financing of government bonds reached 3.54 trillion yuan in the first quarter, and the expectation of macro policy strengthening to stabilize growth is clear. An abundant liquidity environment naturally favors the valuation expansion of high-valuation growth sectors.
Looking ahead, in the short term, April will enter a period of intensive performance verification, and market style is gradually shifting from risk appetite-driven to fundamentals-driven. Whether the first quarter reports can match valuations will become a key watershed for assessing the quality of technology stocks. Companies that only have concepts without performance may face a correction, while leading companies that truly benefit from industry prosperity are expected to continue to receive premiums. At the index level, although the pace of increase may slow down, it is still expected to show a fluctuating upward pattern in the short term.
In terms of mid-term strategy, market consensus is gradually converging towards high prosperity directions. The phase where external geopolitical risks serve as the main pricing contradiction is coming to an end, and investors' focus should shift from macro narratives to industrial verification. The logic of &#34;simultaneous increase in volume and price&#34; in the AI industry chain has just begun, with solid performance support in areas such as semiconductor domestic substitution, computing power infrastructure, optical modules, and storage chips, which are worth continuous tracking. At the same time, the lithium battery industry chain and some resource price increase chains are also in a channel of improving prosperity.
For investors, rather than frequently trading in rotations, it is better to gradually position in leading companies with core barriers in the industry chain during corrections.
Note: The market has risks, and investment should be cautious. The content of this article is based on publicly available information and does not constitute any investment advice

000688

000001

588090

588000

588080

Today, A-shares showed a differentiated rise, with the Shanghai Composite Index up 0.55%, returning to 4010 points, and the STAR 50 up 2.46%. The market turnover was 1.5079 trillion yuan, with funds accelerating towards the technology growth sector. Industries such as electronics and telecommunications performed strongly, while traditional cyclical sectors like coal and oil declined. Ongoing contacts between the U.S. and Iran continue to provide short-term catalysts for the market, and policy reforms are also driving resource aggregation in the field of technological innovation

腾讯新闻 - 财经

STAR 50

SSE Index

Huatai-PB SSE Science and Technology Innovation Board 50 ETF

ChinaAMC SSE Science and Technology Innovation Board 50 ETF

E Fund China Science and Technology Innovation Board 50 Component ETF

The Shanghai Composite Index returns to 4010 points! The technology sector makes a strong comeback, and this signal should be taken seriously